Bitcoin prices going down

Friday, 15 September 2017 14:21
Written by Jason

The last few stories about Bitcoin have been about how it keeps going up, however, looks like it's going down pretty steadily in the past 2 weeks and has seen its value drop from $5000 to just over $3000. Now even at $3000 that is higher than earlier on in the year, but it looks like the market has started to correct itself. It's not just Bitcoin that is taking a beating, all of the other cryptocurrencies have also dropped significantly in the past couple weeks. Arstechnica has more details.

The last year has seen an astonishing boom in the two most popular cryptocurrencies: bitcoin and ether—the latter being the currency of the Ethereum network. The price of bitcoins soared from around $1,000 at the start of the year to nearly $5,000 on September 1. Ether rose from $8 to almost $400 over the same period.

But now both currencies are plunging. Bitcoin has fallen to $3,000—an 18 percent drop in 24 hours and down by 40 percent from the start of the month. Ether is worth about $200, down more than 20 percent in 24 hours and almost 50 percent since September 1. And this is part of a broader cryptocurrency bloodbath, with dozens of lesser-known currencies posting double-digit losses in the last 24 hours.